Header Background

Financial results

Natural gas transportation (Image)

Natural gas transportation revenue totalled €1,986 million, up by €84 million (4.4%) compared with 2012. This increase was due essentially to the contribution of investments made in 2011 (+€102 million), the effects of which were partly offset by lower volumes of gas transported (-€20 million) and tariff updating (-€16 million). Higher revenue from tariff components offset in costs (+€19 million) also contributed to the increase in transportation revenue.

Adjusted EBIT10, which excludes special items11, totalled €1,228 million in 2013, up by €93 million (+8.2%) on the previous year. The higher transportation revenue (+€65 million) and lower operating costs (+€90 million) resulting mainly from changes to the provisions for risks and charges (+€49 million) were partly offset by higher depreciation, amortisation and impairment losses (-€34 million), owing mainly to the entry into service of new infrastructure, and by the reduction in other revenue and income (-€30 million).

10 EBIT is analysed by considering only those components that have changed it, since the application of the gas sector tariff rules generates revenue and cost items that offset each other: modulation, interconnection and balancing. Specifically, balancing revenue that is offset in the operating costs related to withdrawals of gas from storage totalled €80 million (€44 million in 2012) and referred to sales of natural gas for the purpose of balancing the gas system.

11 Information on the nature of the special item and the reconciliation of EBIT with adjusted profit can be found under the heading “Reconciliation of EBIT and net profit with adjusted EBIT and adjusted net profit” in the “Financial review” section.

  Download XLS (24 kB)

Key performance indicators

 

 

 

 

 

 

(€ million)

2011

2012

2013

Change

% Change

(*)

Before consolidation adjustments.

(**)

The 2012 figure was restated following the retrospective application of the new provisions of IAS 19.

Core business revenue (*)

1,945

1,916

2,003

87

4.5

- of which natural gas transportation revenue

1,867

1,902

1,986

84

4.4

Operating costs (*)

387

478

375

(103)

(21.5)

EBIT

1,137

1,135

1,217

82

7.2

- of which special items

 

 

11

11

 

Adjusted EBIT

1,137

1,135

1,228

93

8.2

Technical investments (*)

892

700

672

(28)

(4.0)

- of which with a greater return

709

557

516

(41)

(7.4)

- of which with a basic rate of return

183

143

156

13

9.1

Net invested capital at 31 December (**)

10,686

11,116

11,370

254

2.3

Volumes of natural gas injected into the national gas transportation network (billions of cubic metres)

78.30

75.78

69.01

(6.77)

(8.9)

Transportation network (kilometres in use)

32,010

32,245

32,306

61

0.2

- of which national network

9,080

9,277

9,475

198

2.1

- of which regional network

22,930

22,968

22,831

(137)

(0.6)

Employees in service at 31 December (number)

2,755

1,978

1,952

(26)

(1.3)

to pagetop